Some time back,. I wrote Posts regarding the LIBOR (London Interbank Offered Rate) Rate Manipulation Scandal. It may potentially involve a number of Very Large Global Banks, who might have schemed to post knowingly inaccurate rates–for their benefit. Many Business, Consumer and Government Financial Instruments, Around-the-World, are based on LIBOR.
So far, the investigation has been carried-out mostly by the New York State Attorney General, Eric T. Schneiderman; however, the SEC did start to investigate it, as well. Now, however, a number of States seem to have joined-in. And, perhaps more states will get involved in the investigation, as well.
Besides the US, this issue is being Investigated and Prosecuted in the UK. Perhaps, the Regulators of other European Countries will join in. The linked article, in today’s NY Times, by Nathaniel Popper, Banks Face Suits as States Weigh Libor Losses, is as follows: http://www.nytimes.com/2012/09/05/business/banks-facing-suits-as-states-weigh-their-libor-losses.html?ref=economy.
In my prior Posts, I mentioned that the LIBOR Scandal could be a major concern. For instance, if that has been going on for, let’s say, nine or ten years (for example), wouldn’t you wonder if the interest rate on your Car loan(s) or Home Mortgage were accurately set? Once again, the question is: Who Do You Trust? Wall Street?